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What are  Amartya Sen and Bhagwati models of development? Discuss in detail and bring out the differences with suitable examples

Topic:Indian Economy and issues relating to planning, mobilization, of resources, growth, development and employment.

4. What are  Amartya Sen and Bhagwati models of development? Discuss in detail and bring out the differences with suitable examples. (250 words)

Reference:  The Hindu

Why the question:

The article explains how the political emphasis on welfare interventions is insufficient to address the emerging developmental issues in the State of Tamil Nadu.

Key Demand of the question:

Discuss in detail the Amartya Sen and Bhagwati models of development.

Directive:

Discuss – This is an all-encompassing directive – you have to debate on paper by going through the details of the issues concerned by examining each one of them. You have to give reasons for both for and against arguments.

Structure of the answer:

Introduction:

Start with Sen Bhagwati Debate currently being witnessed.

Body:

The answer body must explain the viewpoints of the two economists –  Sen is a Nobel Prize winner in economics. In the book ‘An Uncertain Glory: India and its Contradictions’, Sen and Drèze prescribe state-led redistributive efforts as the solution to India’s problems. Sen believes that India should invest more in its social infrastructure to boost the productivity of its people and thereby raise growth. Investing in health and education to improve human capabilities is central to Sen’s scheme of things.

Jagdish N. Bhagwati is a University Professor of Economics, Law, and International Relations at Columbia University and former Adviser to the Director-General of GATT. In ‘Why Growth Matters: How Economic Growth in India Reduced Poverty and the Lessons for Other Developing Countries’, Bhagwati and Panagariya hold up growth as the panacea for all of India’s ills.

Compare and contrast the two.

Conclusion:

Conclude with importance of the two.